IRS DISPELS MYTHS ABOUT TAX REFUNDS

IRS dispels myths about tax refunds. In IRS Publication IR-2022-80, dated April 12, 2022, the IRS put out this publication in an attempt to cut down on the number of phone calls it gets about “Where is my tax refund ?”, which can put a tax on the IRS system, so to speak. Some have […]

RENTAL HOME EXPENSES AND DEDUCTIONS

Rental home expenses and deductions. The rules for Taxes when it comes to rental homes get a bit tricky and it breaks down into whether its a short term or long term rental, and if other services are included in the rental package. You are considered to have used the unit as a housing unit […]

CRYPTOCURRENCY REPORTING TO THE IRS

Cryptocurrency reporting to the IRS. Due mainly to the Covid pandemic and the need for massive government intervention and spending programs, the U.S. government, Congress and the Biden Administration are looking for additional revenue sources. Tax increases per say are unpopular, but the next best thing for those looking to plug the gaps in the […]

PAYROLL TAX CUT AXED IN STIMULUS BILL

Payroll tax cut axed in stimulus bill. Republicans crafting their own plan for a new U.S. virus bill broadly endorsed a fresh round of stimulus checks to individuals extended supplemental jobless benefits and more money for testing while voicing doubts over President Trump’s desired payroll tax cut. The problems began in negotiations with Democrats on […]

TAXPAYER CERTAINTY AND TAX RELIEF ACT

Taxpayer certainty and tax relief act. As the name implies this act is designed to give solid footing to those who are hard hit by a natural disaster and provide them with some tax relief. Over the last 31 years, we have served countless individuals and business owners who have been the victim of a […]

NEW IRS STANDARD MILEAGE RATES

New IRS standard mileage rates. The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced in Notice 2020-05. For business use of a car, van, pickup truck, or panel truck, the rate for 2020 will be 57.5 cents per mile in […]

FORMULA FOR PAYING NO TAX ON 100k

Formula for paying no tax on 100k. The question of how much can we earn without paying federal income taxes is relatively easy to answer for most people. The standard deduction for a married couple is $24,400 in 2019 (if both are under 65 years old) and the top of the 0% capital gains tax […]

TAX PROBLEMS LENDING TO FAMILY

Tax problems lending to family. Many people are happy to lend money to their loved ones, especially to children and grandchildren. But before stroking the check, review the tax rules. The tax consequences vary greatly depending on the terms of the loan. A small change in the terms of the loan can men big differences […]

FEDS TAKE SINGLE MOM’S TAX REFUND

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Feds take single mom’s tax refund. As she scanned the letters’ black type, Alexis Patterson felt herself go numb. “The U.S. Department of Treasury–applied all or part of your payment to delinquent debt that you owe,” it read. Patterson stopped reading. One thing mattered now. The single mother would not receive her $3,063 tax refund, […]

U.S. MILITARY TAX RELIEF INFORMATION

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U.S. military tax relief information. For federal tax purposes, the U.S. Armed Forces includes officers and enlisted personnel in all regular and reserve units controlled by the Secretaries of Defense, the Army, Navy, and Air Force. The Coast Guard is also included, but not the U.S. Merchant Marine or the American Red Cross. However, these […]